Long an afterthought in payments peer-to-peer transfers are top-of-mind in the industry just now and this week three reports emerged to show just how fast the payment type is growing for bank and nonbank networks alike The bank-owned Zelle network processed 100 million transactions totaling 28 billion in the three months ended June 30 according to Early Warning Services LLC the networks operator Those results represent increases of 17 and 11 respectively Early Warning said in a report released Thursday Further and faster growth is likely Twenty-nine financial institutions are now live on the network and 119 more are under contract the company reported All told these banks control 56 of US demand-deposit accounts Zelle which officially debuted in June 2017 but is the rebirth of a previous less successful service called clearXchange has also recruited so-called core processors to support network links for banks including Co-Op Financial Services Fidelity National Information Services Inc FIS Fiserv Inc and Jack Henry Associates In a phenomenal year for the banking industry consumers have embraced Zelle as a fast safe and easy way to send money digitally said Early Warning chief executive Paul Finch in a statement Finch announced in May that he will retire next year With these results Zelle is now well ahead of its chief nonbank rival PayPal Holdings Incs Venmo service Still Venmo continues to rack up impressive results PayPal reported this week the service posted 142 billion in payment volume for the June quarter up 78 over the same period last year That may now be well behind Zelles volume but Venmo isnt PayPals only P2P play It also offers transfers through its core PayPal service which was the service the company started out with in 1998 and through Xoom the digital-remittance platform it acquired in November 2015 Combined volume for these three services came to 334 billion in the June quarter PayPal says The companies behind these P2P services are tightlipped about active user counts but estimates from New York City-based researcher eMarketer project Zelle will reach 274 million active customers by the end of the year up from 158 million in December 2017 The estimates for Venmo are 229 million by years end up from 173 million a year earlier Also this week NACHA released statistics indicating P2P transactions totaled 294 million on the automated clearing house network in the second quarter a 241 increase year-over-year Thats also a 14 rise just since the end of 2017 The ACH links virtually every bank in the country but NACHA statistics dont include so-called on-us transactions which are transfers handled between two customers of the same bank NACHA is the governing body for the ACH network